LODHA GROUP AIMS TO BE DEBT FREE IN TWO YEARS

Lodha Group aims to trim debt by INR 4000 cr in 2 Years Real estate developer, Lodha Group is planning to be free of all debts within the next two years by rapid sales performance in its affordable and recently launched vertical of
real state, according to a leading company official. The company has already repaid a debt of Rs. 1500 Cr since the beginning of the existing financial year and is going to love it down by Rs. 2500 Cr. The net debt of the group
currently is Rs. 17,000 Cr. Abhishek Lodha, MD, Lodha Group, said, “We are planning to lower the debt by up to Rs. 4000 Cr.” The developer is going to focus on debt reduction and the delivery of projects. Meanwhile, they are going to halt new investments in acquiring lands. The sales momentum of the company is further improving with affordable housing, according to Lodha Group. In the month of October, the company has achieved sales worth Rs. 750 Cr. He said, “We
have had a great festive sale. The new affordable housing brand has also shown great performance. We have achieved sales of 100 Cr. in Palava City and Rs. 240 Cr from Crown, out of Rs. 750 Crore. The builder has recorded sales of Rs. 150 Cr in World Towers and Lodha Park at Lower Parel and Rs. 60 Cr worth of sales through New Cuffe Parade in Wadala this month. Lodha has booked sales of Rs. 3,300 Cr. in the initial two quarters since the month of
April. More than 50% of sales have been recorded from affordable homes. The company launched “Crown”, the affordable housing brand earlier this month focusing the families earning Rs. 50,000 monthly. Under this brand, the homes which were built will be priced up to Rs. 50 lakh and select homes will be priced around Rs. 75 Lakh. Under the Crown brand, the first project was launched in Majiwada locality of Thane, where the developer has planned two other affordable projects in Taloja and Bhiwandi in this financial year. The company is looking forward to build a commercial portfolio for steady income after a delayed plan in volatile markets.